5 Rupees

Pakistan's first banknote series was rushed into existence following Partition in August 1947. The Government of Pakistan had no printing infrastructure of its own, and an agreement with Thomas De La Rue allowed notes to be produced in London while the new state scrambled to establish its own monetary institutions. These early issues bore the Government of Pakistan's authority directly — the State Bank of Pakistan was not inaugurated until July 1948, after which it gradually absorbed note-issuing responsibility.

P#5 circulated during a period when the Pakistani rupee was still at parity with the Indian rupee, a monetary link that was severed in September 1949 when India devalued and Pakistan did not.